St. Jimmy said:
Im of the mind they're ok for cargo ships, transports and other stuff, but for a warship you've not got enough for damage control and ability to soak casualties in a conflict to fill critical positions... for privateering, piracy and other assasult work you'd want at least a large warship + 1/2 again for taking prize ships and holding ground.
Probably a few house-ruled bonuses you could work in to conflicts with extra crew/troops, the sticking point is the ship taking hits and instead of scrubbing off a few hundred when you lose some hull integrity, you might end up scrubbing off a few thousand. Which sort of defeats the purpose of them in the first place with the reserves getting ganked.